Icon Wealth Advisors LLC Trims Stake in Corning Incorporated (NYSE:GLW)

Icon Wealth Advisors LLC cut its position in shares of Corning Incorporated (NYSE:GLW) by 68.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,791 shares of the electronics maker’s stock after selling 23,271 shares during the period. Icon Wealth Advisors LLC’s holdings in Corning were worth $487,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. City Holding Co. grew its stake in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in Corning in the third quarter worth $39,000. Global Trust Asset Management LLC lifted its position in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in shares of Corning by 90.8% during the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares during the period. Finally, Accordant Advisory Group Inc bought a new position in shares of Corning in the second quarter worth about $39,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on GLW. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $50.08.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is owned by corporate insiders.

Corning Trading Up 1.4 %

Shares of Corning stock opened at $48.52 on Friday. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The firm’s 50 day simple moving average is $46.33 and its two-hundred day simple moving average is $42.02. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $41.54 billion, a price-to-earnings ratio of 285.41, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. Analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning’s dividend payout ratio is currently 658.82%.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.